Ameriprise Financial Inc. Buys 512,834 Shares of Ringcentral, Inc. $RNG

Key Points

• Ameriprise Financial Inc. increased its stake in RingCentral, Inc. by 7.9% in the first quarter, holding over 7 million shares valued at approximately $174 million as of its latest SEC filing.
• RingCentral's stock price opened at $30.83, with a market cap of $2.79 billion and a negative PE ratio of -220.20, indicating challenges in profitability.
• Several hedge funds have recently also increased their positions in RingCentral, indicating strong institutional interest, with approximately 98.61% of the stock now held by such investors.

Ameriprise Financial Inc. raised its stake in shares of Ringcentral, Inc. (NYSE:RNG - Free Report) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,026,565 shares of the software maker's stock after purchasing an additional 512,834 shares during the period. Ameriprise Financial Inc. owned 7.75% of Ringcentral worth $173,987,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New Age Alpha Advisors LLC purchased a new stake in Ringcentral during the first quarter valued at approximately $49,000. PNC Financial Services Group Inc. raised its position in Ringcentral by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 2,925 shares of the software maker's stock valued at $72,000 after purchasing an additional 615 shares during the period. Quarry LP raised its holdings in shares of Ringcentral by 84.1% in the fourth quarter. Quarry LP now owns 3,501 shares of the software maker's stock worth $123,000 after buying an additional 1,599 shares during the period. GAMMA Investing LLC raised its holdings in shares of Ringcentral by 1,803.3% in the first quarter. GAMMA Investing LLC now owns 5,843 shares of the software maker's stock worth $145,000 after buying an additional 5,536 shares during the period. Finally, Bayforest Capital Ltd purchased a new stake in shares of Ringcentral in the first quarter worth approximately $145,000. 98.61% of the stock is currently owned by hedge funds and other institutional investors.

Ringcentral Stock Performance

RNG traded up $0.10 during trading on Friday, hitting $30.81. 291,522 shares of the stock were exchanged, compared to its average volume of 1,477,473. The firm has a 50 day simple moving average of $28.12 and a 200 day simple moving average of $27.21. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of -219.95, a P/E/G ratio of 1.41 and a beta of 1.28. Ringcentral, Inc. has a 1 year low of $20.58 and a 1 year high of $42.19.

Ringcentral (NYSE:RNG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The software maker reported $1.06 EPS for the quarter, topping the consensus estimate of $1.02 by $0.04. The company had revenue of $620.40 million for the quarter, compared to the consensus estimate of $617.90 million. Ringcentral had a negative return on equity of 19.63% and a negative net margin of 0.50%.Ringcentral's quarterly revenue was up 4.6% on a year-over-year basis. During the same period last year, the business posted $0.91 EPS. Ringcentral has set its Q3 2025 guidance at 1.060-1.080 EPS. FY 2025 guidance at 4.200-4.320 EPS. As a group, equities analysts anticipate that Ringcentral, Inc. will post 1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC assumed coverage on Ringcentral in a report on Friday, May 9th. They issued a "buy" rating and a $36.00 price target on the stock. KeyCorp assumed coverage on Ringcentral in a report on Friday, June 6th. They issued a "sector weight" rating on the stock. Raymond James Financial reduced their price target on Ringcentral from $40.00 to $35.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Rosenblatt Securities reiterated a "buy" rating and issued a $32.00 price target on shares of Ringcentral in a report on Monday, May 19th. Finally, Oppenheimer upgraded Ringcentral from a "market perform" rating to an "outperform" rating and set a $35.00 price target on the stock in a report on Wednesday, August 6th. Four analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $30.62.

Insider Transactions at Ringcentral

In other Ringcentral news, CFO Vaibhav Agarwal sold 2,443 shares of the firm's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $30.70, for a total transaction of $75,000.10. Following the transaction, the chief financial officer directly owned 226,448 shares in the company, valued at $6,951,953.60. This trade represents a 1.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Tarun Arora sold 7,776 shares of the firm's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $28.00, for a total value of $217,728.00. Following the transaction, the chief accounting officer owned 114,497 shares in the company, valued at $3,205,916. The trade was a 6.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,391 shares of company stock valued at $3,095,392. Company insiders own 6.97% of the company's stock.

About Ringcentral

RingCentral, Inc, together with its subsidiaries, provides cloud communications, video meetings, collaboration, and contact center software-as-a-service solutions worldwide. The company's products include RingCentral Message Video Phone that provides a unified experience for communication and collaboration across multiple modes, including HD voice, video, SMS, messaging and collaboration, conferencing, online meetings, and fax; RingCentral Contact Center, a collaborative contact center solution that delivers AI-powered omnichannel and workforce engagement solutions with integrated RingCentral MVP; and RingCX, an AI-powered contact center that a native delivers omnichannel experience.